It’s retirement time! And you are excited to make a lot of plans regarding travel and all of those discounts you might get after a certain age. But while you are concerned with this stuff, you might forget about the cumulative impact of federal and state income taxes.
Don’t let one of the most beautiful parts of your life catch you unprepared!
You won’t have a fixed income. You will solely rely on Social Security benefits, your 401(k)s, and the most well-known IRAs.
If you are lucky enough to live in one of the nine states without a traditional income tax, you can expect your home state to knock on your door for some payments.
Keep on reading to find out more about your future retirement life.